Specialty finance company TIMIA Capital Corp. closed the private placement of C$1.3 million of series E debenture units priced at C$100 apiece.
The private placement resulted in the issuance of 13,450 debentures and 448,333 warrants. All securities sold are subject to a four-month hold period.
The debentures bear a 12% interest per year, payable quarterly in arrears, and have a five-year term starting from Nov. 30. They are secured by TIMIA Capital's assets.
The warrants are exercisable for five years from Nov. 30 at 30 Canadian cents per share.
The company will use the proceeds to expand its revenue financing investments portfolio.